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January 23, 2022
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What’s The Lightning Development Initiative?

There’s no denying that 2021 was the Lightning Network’s 12 months. What does the longer term maintain, although? If the target is to onboard the following billion folks, the community wants work and fine-tuning. To seize the bull by the horns, The Human Rights Foundation and Strike arrange three 1 BTC bounties

The bounties will go to the primary particular person or group to develop an nameless Lightning tip jar, a tokenless solution to peg BTC to {dollars}, or a privacy-focused pockets that helps some sort of Chaumian e-cash characteristic. In a Twitter Spaces dialog about this system, they named it The Lightning Development Initiative. 

A catchy identify that we’ll use to any extent further to check with all of this. This fourth version of Lightning Speed is all in regards to the future. Let’s discover the three concepts and the brand new data that we have now about every of them.

The Lightning Development Initiative In Twitter Spaces

Among the audio system have been Strike’s Jack Mallers, The Human Rights Foundation’s Alex Gladstein, Bitcoin Magazine’s Christian Keroles AKA CK Snarks, and Tales From The Crypt’s Matt Odell. It happened December twenty ninth and Bitcoin Magazine hosted it. A Twitter consumer named Gigi summarized it for us.

Bounty #1: An Anonymous Tip Jar

In our sister web site Bitcoinist’s report, they described the problem as follows:

“Can you create a Lightning tip jar that doesn’t reveal any information about the parties involved? That’s the first task. How to receive completely anonymous donations. According to Bitcoin Mag, the “goal is to enable anyone to use free and open-source software (FOSS) to print a QR code that can be used for receiving Lightning payments privately. Importantly, “The QR code should not reveal the public key or IP address of the user.” 

In the Lightning Development Initiative’s report, we realized that this has to do with the 2 competing protocols, Bolt12 and lnurl. Jack Mallers “pointed out the absolute need for interoperability on LN and that even though lnurl might not be “optimal” proper now, the market will ultimately determine what open commonplace they like to make use of. He thinks that presently UX is a significant focus for the LN group and we must always make peace with the truth that there shall be competitors between options.”

Mallers put forth one other fascinating thought, “contrary to the Bitcoin main chain, we can somewhat afford to f**k up on the Lightning Network. As long as the Bitcoin monetary policy is not threatened then we can freely fiddle on top of the protocol via Lightning.”

BTCUSD price chart for 01/14/2021 - TradingView

BTC price chart for 01/14/2022 on Bitfinex | Source: BTC/USD on TradingView.com

Bounty #2: Stablecoin On Lightning Without A Token

Bitcoinist described this one as:

“The second challenge seems to be even more difficult, at least on a conceptual level. The HRF and Strike want a wallet that enables “anyone to “peg” an quantity of bitcoin to U.S. {dollars} while not having an change or one other token.” That’s proper, with out a centralized entity. And relying solely on sats and bitcoin.”

Gigi summarizes why the world wants this:

“The goal is to allow people to access dollars without a single point of failure. Further down the line, as Bitcoin becomes less volatile, these people can use btc, but until then there’s massive demand for holding value in dollars. The tether market cap is proof of this.”

Bounty #3: A Chaumian E-Cash Feature

First of all, Investopedia defines Chaumian e-cash as:

“eCash was a digital-based system that facilitated the switch of funds anonymously. A pioneer in cryptocurrency, its objective was to safe the privateness of people that use the Internet for micropayments. eCash was created by Dr. David Chaum beneath his firm, DigiCash, in 1990.“

So, as soon as once more, anonymity is the precedence. As Alex Gladstein put it when saying the bounties, they’re “for the first open-source, non-custodial, non-KYC Lightning wallets to ship features requested by dissidents worldwide.” Also, take into accounts the phrases of safety professional Brian Trollz’s words, “Bitcoin without privacy is nothing but a surveillance system.”

What does Gigi have for us on this matter? “We need a sort of Chaumian e-cash, extremely easy to use for the Plebs and accessible. Maybe the solution is a federated  one, making it harder to regulate.” He then quotes Jack Mallers once more, “There’s going to be a singular standard for the internet of money (Bitcoin). Many will compete on top of BTC so we need “interoperability to the standard.”

Conclusion: The Future Is Bright

Developers, groups, firms, anybody can earn the Lighting Development Initiative’s bounties. The non-profit OpenSats will function the choose. They are all open for the entire 12 months. If by the tip of 2022 nobody has claimed them, the cash will go to the Human Rights Foundation’s Bitcoin Development Fund on January 1st. Which is honest. Especially contemplating they gave 425 million Sats to these worthy organizations and individuals.

For extra data and particulars read Bitcoinist’s original report.

Featured Image by Micah Tindell on Unsplash  | Charts by TradingView

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